Naira Redesign: CBN Urged to Address Technology Fundamentals to Reduce Impact of Nigerians

Oluchi Vhibuzor

The Central Bank of Nigeria (CBN) has been advised to implement adequate national technology backbone and other fundamental measures to alleviate the adverse impact of the Naira redesign policy on Nigerians, and expedite the transition towards a cashless society.

The Managing Editor & Publisher, The Ojo-Yoshida Report, Mr Bolaji Ojo, who gave the advice while speaking at the Technology Times Digital Transformation Thought Leadership Series, said Nigeria needs to invest in its infrastructure to power the digital economy by ensuring stable, reliable, and affordable electricity; while telecommunication network must also be strengthened to foster digitalization that are essential to achieving a cash-free system.

He said: “Wwhat I would say is that Nigeria is pioneering certain actions that other economies are going to be forced to take. So aside from the impact, so far, the negative impact on people in general, Nigeria is actually taking a leap forward ahead of some developed economies that are still primarily cash-based. And I can list quite a few of them. In terms of developing economies globally, Nigeria is also advancing things that others are going to have to take steps towards. The cash-based economy is an anomaly today. It’s going to go away whether we like it or not.” 

The Managing Editor & Publisher, The Ojo-Yoshida Report, said that infrastructure is essential to a successful transition to a cash-free economy. Digitalization of the global economy, he says, is accelerating, and semiconductors are in everything nowadays. A reliable telecommunication network and stable electricity are fundamental to everything, including the financial technology industry.

“However, in order for that to happen, you need to have power. If I’m returning to an old topic for Nigerians, it is because that is something that is fundamental to anything that we want to do in the economy,” Ojo said.